Why is the sentence "good thinking" correct, if it is?

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It's correct, it's an expression that wants to say: you thought well, you had a good idea etc.
"Thinking" here is a noun (gerund) and good is an adjective. Adjective + noun is a correct structure.

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Hey Carlos

This sentence is correct and it can be used when someone gives a good suggestion.

I hope my explanation helped 😊

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It’s a compliment meaning that someone has a good idea.
eg. It was good thinkingto bring your raincoat on this wet day.

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(That is) good thinking.
Bravo.
Great.
Arr, a coffee.
A great coffee. Just what I needed.
A good question.
It seems that simply naming something is grammatically ok, sometimes.

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Can you put this expression in a sentence, so that we can answer your question better? thanks!

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